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Hess Midstream LP

HESM

Energy · 38.05 +1.8% today

You’ve read what changed. Here’s whether the market is confirming it.

Dominant mover · weak group confirmationMarket checked 1 Oct, 15:55 GMT-4

Market read

HESM dominates a concentrated Oil & Gas move.

HESM accounts for 28.3% of the group's measured movement across 2.9 effective names. all 4 measured members are rising in raw terms, but 4 of 4 session-normalized paths align to the upside. Capital-flow agreement is 10%, so confirmation is not yet clean. No verified headline preceded the measured group move.

MOVE ANATOMY

Is this move genuinely shared?

Session-normalized 5m paths
Role in the moveDominant mover#2 of 4 by movement share
Group movement share28.3%Absolute path energy—not portfolio weight
Relative path+1.66%aligned
Effective breadth2.9 / 4concentrated
Relative alignment4/4upside path · 0 counter-moving
Capital-flow agreement10%not yet clean
SEQUENCE READ

SUN, BSM moved materially before HESM. HESM crossed its material path threshold at 12:30 ET, 85 minutes after the first measured mover. MNR followed.

EVIDENCE COVERAGE

4 of 4 members in Oil & Gas are active. 0 of 8 disclosed connections are confirming.

What would change this read
  • At least 3 of 4 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • A filing-linked outsider such as EXE begins moving with the group.

Invalidation: The live read weakens if participation falls to 1 of 4 members or fewer.

Watch this read

Research brief

The story so far

Energy · Oil & Gas Midstream

HESM accounts for 28.3% of the group's measured movement across 2.9 effective names. all 4 measured members are rising in raw terms, but 4 of 4 session-normalized paths align to the upside. Capital-flow agreement is 10%, so confirmation is not yet clean. No verified headline preceded the measured group move.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • At least 3 of 4 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • A filing-linked outsider such as EXE begins moving with the group.

Company research

Understand the business, not just the ticker

As of Oct 2, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations342
Usable filing statements143
Verified relationships8
Evidence supporting the case
  • Latest annual revenue changed +8.4% year over year.
  • Net margin changed +6.8 percentage points in the latest annual period.
  • Energy and commodity prices has repeated favorable evidence across 5 filings.
  • Tariffs and trade policy has repeated favorable evidence across 5 filings.
  • Demand and volume has repeated favorable evidence across 3 filings.
Evidence challenging the case
  • Capital investment and capacity has repeated adverse evidence across 5 filings.
  • Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Oct 1, 2026

38.05
6m-0.2%12m+10.1%24m—
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.2B+10.2%——
2022-12-31$1.3B+5.9%——
2023-12-31$1.3B+5.8%——
2024-12-31$1.5B+10.9%——
2025-12-31$1.6B+8.4%——

What management says matters

Persistent and emerging business drivers

Capital investment and capacitynegative · 5 filings
“Capital expenditures in 2025 were attributable to our multi-year expansion of compression capacity and focused on construction of two new compressor stations and associated pipeline infrastructure.”
10-Q · Aug 6, 2026 ↗
Credit and interest ratesmixed · 5 filings
“Interest and Other Interest expense, net of interest income, decreased $1.9 million in the first six months of 2026 compared to the first six months of 2025, of which $2.8 million is attributable to lower interest on our senior unsecured notes and $2.0 millio…”
10-Q · Aug 6, 2026 ↗
Energy and commodity pricespositive · 5 filings
“These increases are partially offset by $6.8 million attributable to lower gas gathering physical volumes delivered by Chevron, $1.8 million attributable to lower crude oil gathering physical volumes delivered by Chevron, $1.4 million attributable to lower wa…”
10-Q · May 7, 2026 ↗
Tariffs and trade policypositive · 5 filings
“Terminaling and Export Revenues and other income increased $11.0 million in the first six months of 2026 compared to the first six months of 2025, of which $14.2 million is attributable to higher tariff rates, $1.1 million is attributable to higher MVC revenu…”
10-Q · Aug 6, 2026 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales — · EV/sales —. Comparisons use only industry-matched filing peers.

Scenario scaffold

No usable price/earnings or price/sales multiple (need a fresh price).

Price action

How the market is pricing the story

38.05+1.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for HESM. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for HESM. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind HESM

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

CVXChevron CorporationinvesteeFeb 25, 2026 ▾

“As a result of the Merger, Chevron is the direct parent of Hess and, therefore, indirectly owns 100% of the limited liability company interests in GP LLC, 100% of the partnership interests in our general partner, and an approximate 37.9% interest in the Compa…”

CVXChevron CorporationpartnerFeb 25, 2026 ▾

“Our historical commercial, omnibus and employee secondment agreements with Hess remain in effect subsequent to the Merger, and we refer to Chevron as the counterparty to these agreements as, following the completion of the Merger, Chevron wholly owns the Hess…”

Depended on by

CVXChevron CorporationinvesteeMay 7, 2026 ▾

“In July 2025, the company completed its acquisition of Hess Corporation (Hess).”

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

HESM is currently a Early Follower in the organic co-movement group Oil & Gas. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.